tailieunhanh - Tài liệu valuation for m a Building Value in private companies phần 3

Thậm chí phổ biến hơn là để hiển thị các khoản đầu tư giá trị sổ sách của tài sản hoặc vốn chủ sở hữu của cổ đông từ các báo cáo tài chính của công ty, nhưng những số lượng này ít khi phản ánh giá trị hiện tại. Để khắc phục những điểm yếu của hai biện pháp đầu tiên, | Why Mergers and Acquisitions Fail 49 are described extensively in The Synergy Trap How Companies Lose the Acquisition Game by Mark L. Sirower which in addition to an in-depth analysis includes a summary of acquisition performance in the United States over many The general conclusion is that well over half of the acquisitions of public companies destroy value for buyers while sellers frequently are rewarded with the premiums they received. There are numerous reasons why deals may fail which of course vary by the transaction and circumstances involved. The most common causes tend to be Price paid is too high. This frequently results from the failure to distinguish the target from the investment. Even the best company can be a poor investment if the price paid exceeds the present value of its anticipated future returns. Make-it-happen pressure from the executive level. This often results from executives desire to move too quickly or to make their mark on the company without adequate analysis of the effects of the transaction on value. Exaggerated synergies. Anticipated revenue enhancements cost reductions operating efficiencies or financing benefits are overestimated. Failure to integrate operations quickly. With the price for the synergies paid up front they must be achieved on time to yield benefits and create value. Failure to accurately assess customer reaction. The newly combined company may force certain customers to seek a different source of supply to avoid buying from what has become a competitor or to avoid excessive reliance on one source of supply. Failure to consider first-year negative synergies. Mergers or acquisitions often cause disruptions including name changes additional regulatory requirements strained shareholder relations negative public perception of the effect on consumers or of closing facilities and the cost of 2 Mark L. Sirower The Synergy Trap How Companies Lose the Acquisition Game New York The Free Press 1997 . 50 Merger and .